Franklin BSP (FBRT) CEO reports 66,841 RSU grant and 41,207-share tax withholding

Rhea-AI Filing Summary

Franklin BSP Realty Trust Chairman and CEO Richard J. Byrne reported new equity awards and related share withholding. On January 27, 2026, he was granted 66,841 restricted stock units (RSUs) under the 2021 Equity Incentive Plan at a price of $0 per share.

The RSUs vest in three equal annual installments starting January 27, 2027, contingent on continued qualifying service, with one common share issued per RSU at vesting. On the same date, 41,207 common shares were withheld at $10.17 per share to cover tax obligations from earlier RSU vesting. Following these transactions, Byrne directly holds 476,725 shares of Franklin BSP Realty Trust common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Byrne Richard J

Role Chairman and CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	66,841	$0.00	--
Tax Withholding	Common Stock	41,207	$10.17	$419K

Holdings After Transaction: Common Stock — 517,932 shares (Direct)

Footnotes (1)

1. Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting. Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Byrne Richard J

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS

SUITE 32A

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Franklin BSP Realty Trust, Inc. [ FBRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/27/2026		A(1)		66,841	A	$0	517,932	D
Common Stock	01/27/2026		F(2)		41,207	D	$10.17	476,725	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

2. Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

	/s/ Richard Byrne, By: Micah Goodman, Attorney-in-Fact*	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did FBRT Chairman and CEO Richard Byrne report?

Richard J. Byrne reported receiving 66,841 RSUs and having 41,207 common shares withheld for taxes on January 27, 2026. These transactions relate to Franklin BSP Realty Trust’s 2021 Equity Incentive Plan and prior RSU awards that have begun to vest.

How many Franklin BSP Realty Trust (FBRT) shares does Richard Byrne own after this Form 4?

After the reported transactions, Richard J. Byrne directly owns 476,725 shares of Franklin BSP Realty Trust common stock. This figure reflects both the 66,841 RSUs granted and the 41,207 shares withheld to satisfy tax obligations tied to prior RSU vesting.

What are the key terms of Richard Byrne’s new RSU grant at FBRT?

Byrne received 66,841 RSUs under the 2021 Equity Incentive Plan at an effective price of $0. The RSUs vest in three equal annual installments starting January 27, 2027, assuming he maintains continued qualifying service with Franklin BSP Realty Trust.

Why were 41,207 FBRT shares withheld in Richard Byrne’s Form 4 filing?

The 41,207 common shares were withheld to satisfy tax withholding obligations from vesting RSUs. These RSUs were originally awarded to Richard Byrne on January 27, 2023, February 1, 2024, and January 27, 2025, and the withholding occurred at $10.17 per share.

How will Richard Byrne’s 66,841 FBRT RSUs vest over time?

The 66,841 RSUs will vest in three equal annual installments beginning on January 27, 2027. Each vesting tranche requires Byrne’s continued qualifying service, and upon each vest date, he will receive one share of common stock for every vested RSU.

What equity plan governs Richard Byrne’s new RSU grant at FBRT?

The RSU grant is issued under Franklin BSP Realty Trust’s 2021 Equity Incentive Plan. Under this plan, Richard Byrne was granted 66,841 RSUs that convert into common stock on vesting, aligning his compensation with the company’s long-term performance and service requirements.